chinese construction firm cccc buys canadas aecon for can151 bn
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Chinese construction firm CCCC buys Canada's Aecon for Can$1.51 bn

Arab Today, arab today

Arab Today, arab today Chinese construction firm CCCC buys Canada's Aecon for Can$1.51 bn

Canada's Aecon Group helped build Toronto's iconic CN Tower.
Ottawa - Arab Today

Chinese construction firm CCCC will acquire Canada's Aecon Group for Can$1.51 billion (US$1.18 billion), the Canadian company announced Thursday.

The deal is still subject to shareholder and regulatory approvals.

"We believe this is a very positive outcome for Aecon and our key stakeholders," Aecon chairman Brian Tobin said in a statement.

China Communications Construction Company Limited (CCCC), one of the world's largest engineering and construction groups, agreed to pay Can$20.37 per share in cash for Aecon.

This represents a 42 percent premium on Aecon's share price in late August, when the company announced it was seeking potential suitors.

The purchase would be made through CCCC's overseas investment and financing arm CCCC International Holding Limited, also known as CCCI.

Aecon would continue to be led by its current management team and its headquarters will remain in Canada.

The takeover will give it access to "significant capital, complementary infrastructure expertise and an international network to support its growth ambitions," said CCCI president Lu Jianzhong.

Prime Minister Justin Trudeau said a review of the purchase under the Investment Canada Act would look to ensure the deal is "in the best interest of Canadians" in terms of jobs and community impacts, "but also aligned with our concerns around security and safety."

Large-scale Chinese investment in Canada is a relatively recent phenomenon and remains small compared to US and other foreign sources.

Most of the buys over the past decade have been in the resource sector.

Chinese state-owned firms' recent acquisitions of Canadian technology firms Norsat and ITF Technologies, as well as a stake in a retirement home chain, raised eyebrows -- but were approved by Ottawa.

CCCC developed several ports and canals in China while Aecon helped build Toronto's iconic CN Tower and Vancouver's Sky Train.

CCCC previously acquired one of Australia's largest engineering and construction companies, John Holland Group, in 2015, and Texas-based offshore architecture and engineering firm Friede and Goldman in 2010.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinese construction firm cccc buys canadas aecon for can151 bn chinese construction firm cccc buys canadas aecon for can151 bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinese construction firm cccc buys canadas aecon for can151 bn chinese construction firm cccc buys canadas aecon for can151 bn

 



GMT 08:23 2017 Monday ,03 April

Tesla tops quarterly sales forecast

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 05:28 2017 Sunday ,26 November

Gas exporters call for 'fair price'

GMT 10:51 2018 Tuesday ,11 December

Cloudy weather with rain showers forecast Tuesday

GMT 20:00 2017 Monday ,25 September

Tourism minister leaves for France to attend Top Resa

GMT 22:07 2017 Tuesday ,02 May

UAE soldier martyred in Yemen

GMT 00:25 2017 Sunday ,10 September

Philippines Sees the Bloodiest

GMT 20:21 2017 Wednesday ,08 November

Ambassador Aizaz Chaudhry met members of Congress in US

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:16 2017 Monday ,25 December

Sharjah Ruler issues Emiri Decree on SGMB functions

GMT 13:16 2017 Sunday ,15 October

Qatari sheikh says assets frozen over Gulf crisis

GMT 12:50 2017 Saturday ,11 November

ICC prosecutor calls for Afghanistan war crimes probe

GMT 13:28 2012 Friday ,17 February

NYT\'s Anthony Shadid dies in Syria

GMT 16:44 2017 Friday ,01 September

Al-Bashir to partake in OIC Summit in Kazakhstan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday